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Ghana Cedi’s recent gains may be temporary without deeper reforms – APL explains why

Joshua Tigo — Thu, 29 May 2025 11:58:57 +0000

Africa Policy Lens (APL), a Policy Research and Analyst Organisation, has commended Ghana’s recent macroeconomic progress but warned that the appreciation of the cedi could be short-lived if not supported by deeper structural reforms.

According to APL, while the cedi has appreciated significantly in the first half of 2025, this has largely been driven by temporary measures.

It mentioned heavy forex market interventions by the Bank of Ghana (nearly $1 billion between January and May 2025) and tough fiscal decisions such as freezing government spending and suspending payment of arrears as factors that have significantly contributed to these gains.

“These gains, while encouraging, are built on temporary pillars that require deeper reforms to become sustainable,” APL noted.

APL points out that Ghana has seen similar periods of stability before, particularly between 2017 and 2019 during the IMF Extended Credit Facility program.

During that time, the cedi was relatively stable due to improved fundamentals, disciplined fiscal policy, and external conditions such as rising oil production and commodity prices.

APL suggests that today’s policymakers can learn from that period by focusing on long-term reforms instead of relying on interventions.

“There are lessons from the past—particularly the 2017–2019 period—that show sustainable stability must be anchored in strong fundamentals, not ad hoc measures,” the organisation stated.

In a press release issued on Tuesday, May 27, 2025, it highlights potential risks if current strategies continue without adjustment while warning that the over-reliance on gold-backed interventions and deferred obligations could backfire, especially if commodity prices fall or external financing becomes more difficult.

“Over-reliance on short-term tools such as gold-backed forex support and deferred government obligations could leave the economy vulnerable to external shocks,” APL warned.

It indicated that analysts such as S&P Global Ratings and Fitch Solutions have already warned that the cedi could face renewed depreciation in the second half of 2025 if structural imbalances resurface.

“Global credit watchers are already flagging risks, and Ghana must act swiftly to insulate itself from renewed pressures,” APL emphasized.

APL calls for stronger policy action, including the completion of debt restructuring, diversification of export revenue sources, and improved fiscal management.

It also emphasizes the importance of transparent communication from government institutions to maintain investor confidence.

“To maintain the current momentum, reforms must be bold, and communication must be clear to avoid spooking markets,” the group stated.

In conclusion, APL states that while Ghana’s currency has shown impressive recovery, “the challenge now is to ensure these gains are not only preserved but built upon,” reiterating that “without long-term reforms, the current stability may not hold.”

Reduced public spending the reason for the Cedi’s recent strength – APL argues

Joshua Tigo — Thu, 29 May 2025 11:06:29 +0000

Research and Policy Analysts, Africa Policy Lens (APL), have highlighted factors that have accounted for the significant appreciation of the Ghanaian cedi in the year 2025, making a notable turnaround after a difficult 2024.

According to APL, the cedi has appreciated by over 20% against the US dollar so far this year, making it one of the best-performing currencies globally.

As of mid-May 2025, the cedi is trading at approximately GH¢13.5 to the dollar, reflecting a 17% gain since January.

APL attributes this recovery to a combination of factors, including the government’s fiscal consolidation measures like a sharp reduction in public spending, suspension of new projects, and a freeze on the clearance of arrears, which have helped reduce pressure on the currency.

“The Ministry of Finance is reported to have held back payments worth about GH¢69 billion pending audit,” APL stated, “effectively curbing excess demand for foreign exchange.”

At the same time, the Bank of Ghana (BoG) has played a central role through strategic interventions.

Through the Domestic Gold Purchase Programme (DGPP), the BoG accumulated gold reserves that were later used to support the cedi via gold-backed foreign exchange operations.

Between January and May 2025, the central bank injected nearly $1 billion into the forex market.

“This included $490 million in April alone and $264 million in March,” APL noted, “which helped improve dollar liquidity and ease depreciation pressure.”

In a press statement issued on Tuesday, May 27, 2025, APL notes that while these interventions have brought short-term stability, their sustainability remains uncertain.

“Drawing down reserves and delaying payments are not long-term solutions,” the think tank stressed.

APL also acknowledges the influence of external factors such as the weakening of the US dollar amid global trade tensions, which have contributed to the cedi’s recent gains.

Despite the progress, APL warns that short-term gains should not lead to complacency.

The group emphasizes the need for continued reforms, urging the government to build on current momentum with permanent policy measures aimed at fiscal discipline, export diversification, and institutional transparency.

“Short-term gains should not lull policymakers into inaction,” APL cautioned. “Sustainable growth depends on deep, structural reforms.”

S&P upgrades Ghana’s credit rating to CCC+, cites strong progress

Gertrude Okyere — Sat, 10 May 2025 11:35:42 +0000

In a significant endorsement of Ghana’s economic recovery efforts, global credit rating agency S&P Global Ratings has upgraded the country’s foreign-currency sovereign credit rating from Selective Default (SD) to CCC+.

This reflects renewed investor confidence and the positive momentum in economic management under the leadership of Finance Minister Dr. Cassiel Ato Forson.

The announcement, made on May 9, 2025, comes as Ghana makes decisive progress in restructuring its external debt and stabilising its macroeconomic environment, following years of turbulence.

According to S&P’s latest report, Ghana’s negotiations with its remaining commercial creditors are nearing completion — a key milestone that has restored credibility and eased fiscal pressure.

S&P highlights that while challenges persist, the current administration’s firm commitment to reforms is yielding tangible benefits. Inflation, though still elevated at 22%, is steadily falling, driven by a strengthening cedi and lower energy prices.

This progress, according to the report, reflects strong policy direction from the Ministry of Finance under Dr. Ato Forson.

Dr. Forson’s stewardship has seen the launch of vital legislative reforms, including amendments to the Public Financial Management Act, reinstatement of fiscal rules, and steps to establish an independent fiscal council — measures aimed at ensuring prudent management of public finances.

Despite inheriting significant fiscal arrears, the government is prioritizing expenditure-led consolidation over aggressive tax hikes, in line with conditions under the IMF’s Extended Credit Facility (ECF) program.

The administration is targeting a primary surplus of 1.5% of GDP in 2025 and has committed to keeping expenditure growth below 10% annually over the next four years — a sharp departure from the 28% average increase seen over the past two decades.

S&P projects that Ghana’s public debt, net of liquid assets, will decline from 71.4% of GDP at end-2024 to 47.4% by 2028.

Interest expenditure, once a crippling 48% of government revenue in 2021-2022, has fallen to about 25% following the debt restructuring.

Inflation, though still above target, is expected to ease gradually as monetary policy credibility improves.

The upgrade by S&P is a strong signal to the international investor community and development partners that Ghana is turning a crucial corner.

While acknowledging lingering risks, including election-year spending pressures and external vulnerabilities, S&P notes that the country’s improving external metrics, steady policy reforms, and supportive growth outlook justify the new, higher rating.

With Dr. Ato Forson at the helm of the Finance Ministry, Ghana’s economic management appears firmly back on track — a development likely to further bolster investor sentiment and set the stage for sustainable, inclusive growth in the years ahead.

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Lola Hair & Beauty College, Lola Hope Foundation Ghana inaugurated to empower young people

Joshua Tigo — Mon, 28 Apr 2025 15:00:47 +0000

Rev. Minister Latifa Adekanla, founder of Lola Hair and Beauty College, has inaugurated the Lola Hope Foundation Ghana to empower young and vulnerable individuals and the Lola Hair and Beauty College to train young people to build a livelihood for themselves.

The foundation aims to support those who wish to pursue Technical and Vocational Education and Training (TVET) but lack the financial and other essential support required to achieve their aspirations.

Speaking at the official launch of the foundation on Friday, 25th April, Rev. Latifa shared her journey and the inspiration behind the initiative. She revealed that she was able to attend secondary school thanks to the generosity of a sponsor, which paved the way for her success.

“I benefited from someone’s benevolence, I wouldn’t have gone to secondary school if not for someone who sponsored me,” she said. “I realised there are many people out there who need education, whether formal or informal, but have no one to help or guide them. That’s why we are launching the LOLA Hope Foundation.”

“This foundation will cater for vulnerable and underprivileged individuals who want to attend school but lack the means,” she added.

Rev. Latifa called on individuals and organisations to support her mission to positively impact the lives of those in need. She explained that the foundation will assist bright but financially disadvantaged students in accessing formal education at all levels.

For those interested in informal education, her Lola Hair and Beauty College will provide vocational training in hairdressing, cosmetology, and other areas within the beauty industry.

She noted that even before the foundation’s official launch, several young people had already benefited from its educational support programme. Now, she is creating a platform for more people to join in and support the cause.

Rev. Latifa added that individuals interested in acquiring vocational skills will be supported through the Lola Beauty and Hair College or any other TVET institution, under the umbrella of the foundation.

Speaking to the media on the sidelines of the event, she highlighted that her vision aligns with Sustainable Development Goals (SDGs) 1 and 8, aiming to reduce poverty and promote decent work and economic growth. “I want everyone to have something meaningful to do, which will help close the poverty gap,” she said.

At the launch of the foundation, she also officially inaugurated the Lola Hair and Beauty College. The institution has been in operation for the past eight years and has seen hundreds of young people trained, many of whom are now self-employed across the Greater Accra Region and beyond.

The event also saw the graduation of 14 trainees from the Lola Hair and Beauty College. Three of the graduates were male students who specialised in hair locking, while the remaining eleven studied hairdressing.

Speaking at the brief but colourful event, the guest speaker, acting Deputy Managing Director of the Ghana Airports Company Limited, Obuobia Darko-Opoku, congratulated the graduates and encouraged them to apply the skills they had acquired to become self-employed and attain financial independence.

She commended the students for choosing to pursue a trade, stating, “It is always good to learn something with your hands. I always say that beauty begins in the mind; what you dream of is what you become. If you sit at home saying you don’t want to learn a trade and expect money to come from somewhere, that’s how you end up idle and struggling. But when you decide to start somewhere, you can always grow from there. It is always good to learn something.”

Madam Darko-Opoku also urged the graduates to embrace innovation and keep up with new trends to remain competitive in the industry.

“These days, people offer door-to-door services and home visits; explore those opportunities,” she advised.

She challenged the misconception that TVET and trade education are only for those who are academically weak, saying, “I think it’s a wrong impression. Many people who have completed university, even up to PhD level, return to the beauty sector. It’s not only those with formal education who succeed in the corporate world.”

The founder of the college, Reverend Minister Latifa Adekanla, also addressed the gathering.

She said, “This institution is not just a school; it is a movement—a movement that believes our young men and women deserve quality vocational education. It is a movement that sees vocational training not as a second choice but as a powerful path to purpose and prosperity.”

“May you go out there and shine—light up the world,” she charged.

GOLDBOD commences licensing of service providers

Joshua Tigo — Wed, 23 Apr 2025 10:44:40 +0000

The Ghana Gold Board (GoldBod) has officially commenced the licensing of service providers within the country’s gold trading sector.

Commencement of the licensing marks a significant step in the government’s efforts to regulate and formalize the industry.

The licensing initiative, which begins today, was announced in a statement issued by the GoldBod’s Media Relations Officer, Prince Kwame Minkah.

Effective immediately, Ghanaian individuals aged 18 and above, as well as wholly-owned Ghanaian companies, are eligible to apply for licenses through GoldBod’s online portal goldbod.gov.gh or in person at its main office in Accra.

The categories of licenses currently open for application include:

Aggregator License
Self-financing Aggregator License
Buyer License (Tier 2)
Buyer License (Tier 1)

Additional categories, such as Refining, Smelting, Fabrication, Storage, Transportation, and Importation Licenses, will become available starting in July 2025.

GoldBod emphasized that all applicants must read, understand, and accept the Terms and Conditions associated with each license before submission.

Detailed information on licensing procedures, operational guidelines, and regulatory policies is accessible on the organization’s official website.

In a firm reminder of its regulatory mandate, the Board reiterated its earlier directive requiring all foreign entities to exit Ghana’s local gold trading market by April 30, 2025.

This move is backed by the Ghana GoldBod Act, 2025 (ACT 1140), and violators will be subject to legal penalties.

Foreigners, however, may still apply to off-take gold directly from GoldBod under regulated conditions.

The GoldBod also reaffirmed that all gold transactions must align with the official Bank of Ghana (BoG) Reference Rate, available at www.bog.gov.gh, as part of its commitment to promoting transparency and standardization in the industry.

This initiative is part of broader reforms to restructure and streamline the gold trading ecosystem in Ghana, with the overarching goal of optimizing national revenue and ensuring equitable benefits for citizens.

“We look forward to working collaboratively with stakeholders to bring greater order, efficiency, and accountability to Ghana’s gold sector,” said Minkah.

“The success of this initiative depends on the full cooperation of the public, and we remain committed to prioritizing their feedback,” he added.

eTranzact Ghana clinches top honors at Ghana Corporate Finance Gala Dinner 2025

Joshua Tigo — Tue, 15 Apr 2025 12:57:46 +0000

eTranzact Ghana continues to affirm its leadership in the financial technology sector, taking home two of the most coveted awards at the just-ended Ghana Corporate Finance Gala Dinner 2025.

The company was honored with the “Outstanding Payments Technologies Provider of the Year 2024” award, a recognition of its innovation, reliability, and impact in transforming digital payments in Ghana and beyond.

“We are deeply proud of this achievement,” said Yvonne Effe Faska, Communications and CSR Manager of eTranzact Ghana at the awards ceremony.

“This award is a reflection of the tireless work and commitment of our entire team. It inspires us to keep raising the bar in payment technology,” Faska added.

Adding to the celebration, John Apea, CEO of eTranzact Ghana, was named “Fintech CEO of the Year”, recognising his visionary leadership and unwavering dedication to driving financial inclusion through technology.

“This is not just a personal honor. It’s a tribute to the incredible minds and hearts at eTranzact Ghana. We’re building more than tech, we’re building trust, empowering businesses, and changing lives,” John Apea said.

eTranzact Ghana, a subsidiary of the pan-African electronic payment giant eTranzact Global, has played a critical role in accelerating digital transformation in Ghana’s financial services ecosystem.

With a robust suite of payment solutions, the company provides seamless services to banks, telecoms, government agencies, merchants, and individuals across the country.

eTranzact, renowned for its innovative and reliable platforms, offers a comprehensive suite of digital financial services designed to support secure, real-time transactions.

These include mobile money transfers, card payments, online banking integrations, and agency banking solutions, empowering businesses with scalable and trusted payment tools.

Its diverse range of services includes the XCEL mobile app, USSD services, web payments, remittances, agency banking, mass payments, bill payments, and more. ensuring seamless financial operations for individuals, businesses, and institutions alike.

Under the leadership of John Apea, eTranzact Ghana has seen rapid growth, with several strategic partnerships and product innovations that have strengthened its market position.

The company has also been instrumental in promoting financial inclusion, especially among unbanked and underserved communities, by leveraging technology to bridge gaps in access.

The dual recognition at the Ghana Corporate Finance Gala Dinner 2025 marks a significant milestone in the company’s journey and reinforces its position as a dominant force in Ghana’s fintech landscape.

GRA denies freezing accounts of BILLS Micro Credit chairman Richard Nii Armah Quaye

Joshua Tigo — Tue, 25 Mar 2025 11:12:25 +0000

The Ghana Revenue Authority (GRA) has refuted claims that it has frozen the financial accounts of Richard Nii Armah Quaye, the businessman and Chairman of the Micro Credit firm, BILLS.

The GRA’s denial comes on the back of many news reports that have suggested otherwise.

The reports suggested that Quaye’s accounts had been restricted, but the GRA clarified that such actions are part of a routine procedure to assess tax payments and ensure compliance.

According to the GRA, the assessment is a standard part of their audit process, aimed at verifying tax compliance among businesses and high-net-worth individuals.

Sources within the GRA confirmed that discussions are ongoing with Mr. Quaye regarding his tax obligations, with efforts focused on ensuring that all necessary payments are made.

The authority emphasized that these assessments are periodic and often carried out for individuals and companies with a history of compliance.

Following the audit, Quaye will be expected to settle any outstanding tax obligations, including duties on imported goods, as advised by the GRA.

A source within the GRA explained to Joy Business: “This is a routine exercise aimed at fostering a cooperative relationship between the GRA and taxpayers as part of efforts to increase tax revenue this year.”

Richard Nii Armah Quaye Celebrates 40th Birthday in Style

In other news, Richard Nii Armah Quaye recently marked his 40th birthday with a lavish celebration at Accra’s Black Star Square.

The event, themed #RNAQ40, attracted a host of influential business leaders, entertainment stars, and government officials.

Prominent figures such as Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong attended, highlighting Quaye’s significant presence in Ghana’s business community.

The celebration also featured performances from top artists including Nigerian superstar Davido, Ghanaian rapper Sarkodie, and dancehall sensation Stonebwoy, adding to the excitement and making the occasion unforgettable.

Government misses Treasury Bill target for first time in 2025

Joseph Odotei — Mon, 24 Mar 2025 11:25:32 +0000

The government has missed its treasury bill target for the first time in 2025, recording an 18% under-subscription in the latest auction.

According to auction results from the Bank of Ghana, the government raised GH¢4.99 billion from the sale of short-term instruments but accepted only GH¢3.31 billion.

The 91-day bill accounted for the majority of the bids, with GH¢3.63 billion tendered, representing 72.7% of total bids. However, the government accepted GH¢2.33 billion.

For the 182-day bill, GH¢741.38 million was tendered, with an uptake of GH¢574.49 million. The 364-day bill saw bids worth GH¢622.7 million, but only GH¢406.07 million were accepted.

Meanwhile, interest rates remained relatively stable across the yield curve.

The yield on the 91-day T-bill declined by 12 basis points to 15.85%, while the 182-day bill remained unchanged at 16.92%. The rate on the 364-day bill fell slightly to 18.84% from the previous week’s 18.96%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	3.631bn	2.339bn
182 Day Bill	741.38m	574.49m
364 Day Bill	622.07m	406.07m

Total	4.994bn	3.31bn
Target	6.142bn

Gold can give Ghana ten times more forex than cocoa gives – Sammy Gyamfi

Joseph Odotei — Thu, 20 Mar 2025 15:22:54 +0000

The acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has raised concerns over the significant loss of foreign exchange Ghana is experiencing due to unregulated gold exports.

He stated that the situation continues to weaken the national currency.

Speaking on Joy FM’s Super Morning Show, Mr. Gyamfi pointed out that despite gold having the potential to generate far more revenue than cocoa, Ghana is failing to retain foreign exchange from its gold trade.

He questioned the country’s approach to gold exports, noting that unlike cocoa, which is controlled by a single exporter, gold exports are left largely unregulated.

“Cocoa in terms of value does not compare to gold. Gold can give Ghana ten times more forex than cocoa gives, but why is it that with cocoa, Ghana decided long ago to be the sole exporter, yet with gold, we allow different people to export?” he asked.

He also highlighted the negative environmental impact of gold mining and the lack of financial returns to the state, stressing that those involved in gold mining are not paying adequate royalties.

“We mine gold at great cost to the environment. Those who mine the gold don’t pay royalties. The only tax they were paying was corporate tax and a 1.5% withholding tax, and now even that 1.5% withholding tax has been removed,” he said.

Mr. Gyamfi further pointed out that once the gold is mined, it can be sold to anyone, with a large portion of the gold being smuggled out of the country. He expressed concern that the dollars from the gold exports do not return to Ghana, leaving the economy without the crucial forex it needs.

“The dollars don’t come back, and our cedi keeps getting weaker and weaker. Today, on the black market, if you want one dollar, you need more than 15 Ghana cedis. Are we not all worried?” he asked.

To address these issues, Mr. Gyamfi suggested that Ghana should centralize gold purchasing and trading through a single agency to ensure the country benefits from its gold exports and foreign exchange earnings.

“At least we can get the forex back through an agency that will centralize the purchasing and trading. Then mining will make sense,” he concluded.

2025 budget betrays government’s priorities – Oppong Nkrumah

Joseph Odotei — Wed, 19 Mar 2025 10:51:29 +0000

Member of Parliament for Ofoase Ayirebi and former Minister of Housing, Kojo Oppong Nkrumah, has raised concerns about the 2025 budget statement, suggesting that it reflects the Mahama administration’s priorities in a way that warrants reconsideration.

He noted that while the government has allocated 51 million Cedis as seed capital for the proposed Women’s Development Bank, a significantly higher amount of 71 million Cedis has been earmarked for research at the presidency.

Debating the budget statement in Parliament on Tuesday, March 18, Mr. Nkrumah stated, “Your budget, the one you have brought, betrays your priorities. Like they say, don’t tell me what your priorities are; show me your budget, and I will see what you value.”

He acknowledged that the establishment of the Women’s Development Bank demonstrates a commitment to supporting Ghanaian women but questioned the disparity in funding compared to the research allocation at Jubilee House.

Mr. Nkrumah called for a reevaluation of the budget to better reflect the needs and expectations of Ghanaians.

Senyo Hosi backs government’s GoldBod initiative

Joseph Odotei — Mon, 17 Mar 2025 09:08:45 +0000

Economist Senyo Hosi has welcomed the establishment of GoldBod by the government as part of efforts to regulate and optimize the country’s benefits from the trade in gold and other precious minerals.

According to Hosi, the initiative is a strong and conceptually potent proposition that, if well implemented, will benefit the nation.

“We are informed that GoldBod will be responsible for the trade of 100% of all small-scale mining and will secure for us our full forex receipts. I support it,” he stated.

He emphasized that centralizing gold trade offers international buyers strong quality assurance options while creating opportunities for branding Ghana’s gold. “I do not see GoldBod becoming a failure like COCOBOD if the fundamental governance, transparency, and accountability structures are competently woven into its implementation,” he added.

Hosi stressed that the regulatory and operational framework of GoldBod must align with existing structures to ensure easy market adaptability. “At the heart of its success will be its commercial sanctity,” he explained.

He noted that the gold trade currently provides discounts of 5% to 15%, depending on pre-financing terms. Therefore, if GoldBod purchases within the same market provisions while absorbing the 1.5% gold export tax, it will not only run a government monopoly but also become the most optimal commercial partner for small-scale miners and aggregators.

“GoldBod must use its scale and influence to make smuggling not just illegal but also senseless,” he concluded.

BoG Governor pledges to restore financial strength amid economic challenges

Joseph Odotei — Thu, 13 Mar 2025 15:35:12 +0000

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has committed to restoring the financial strength of the central bank, assuring that the Board of Directors will work diligently to rebuild confidence and uphold the bank’s integrity.

This pledge comes after Finance Minister Dr. Ato Forson revealed in the 2025 Budget presentation that the BoG requires GH₵53 billion in bailout funds to address its negative equity position.

Dr. Forson recommended that the BoG explore internal cost-cutting measures rather than relying on taxpayer funds.

In his statement at the inauguration of the new Board of Directors on March 13, 2025, Dr. Asiama stressed that the bank will implement strategic measures to reduce inflation and strengthen its financial position. He stated, “Our mission is clear: we must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance.”

The Governor highlighted the board’s composition of esteemed professionals with vast expertise, promising that the board would resolve the bank’s challenges with boldness, integrity, and accountability. He acknowledged the current economic challenges, including macroeconomic instability, rising inflation, currency volatility, and fiscal constraints, and emphasized the urgent need for strategic action.

Dr. Asiama noted that the board’s decisions would have a significant impact on the future of the bank, businesses, households, and the economy at large. “This morning’s inauguration provides us an opportunity to reaffirm our commitment to excellence, transparency, and independence in our monetary and financial policies,” he added.

Vice President Prof. Naana Jane Opoku-Agyemang, who chaired the swearing-in ceremony, urged the Board to align its activities with the government’s economic agenda and restore public trust in the financial sector. She emphasized that the success of the government heavily depends on the performance of the central bank.

“The President’s social contract with the people of Ghana to reset, rebuild, and restore public trust and macro-economic stability rests on your shoulders, in equal measure with the Cabinet, the Minister for Finance, and all other key stakeholders,” she stated.

Prof. Opoku-Agyemang also called for good corporate governance, urging the board to ensure that existing policies align with contemporary standards and the government’s social contract with the people. She concluded, “I urge you to examine the existing policies of the bank to ensure that they are aligned with leading contemporary policies and government’s economic agenda.”

Ghana to pay GH¢150.3bn in Domestic Debt service over next 4 years

Joseph Odotei — Wed, 12 Mar 2025 09:26:04 +0000

Over the next four years, Ghana is expected to pay approximately GH¢150.3 billion in domestic debt service, representing 11.6% of Gross Domestic Product (GDP).

Of this amount, 73.3%—GH¢57.6 billion and GH¢52.5 billion—is due in 2027 and 2028, respectively.

Finance Minister Dr. Cassiel Ato Forson attributed the sharp increase in domestic debt service payments to the Domestic Debt Exchange Programme.

Presenting the 2025 Budget in Parliament, Dr. Forson described the debt service obligations for 2027 and 2028 as major hurdles for the economy.

“These humps are cancerous and pose significant risks to the economy, but we shall fix it!” he assured.

He also highlighted the immediate debt service challenges, noting that Ghana faces significant payment obligations this year, including GH¢9.9 billion in February, GH¢6.2 billion in July, and GH¢10.1 billion in August.

“Our fiscal challenges are further compounded by the significant short-term treasury bill maturities that we have inherited. These obligations, totaling about GH¢111.1 billion, require rollover every week, placing additional pressure on cash flow and liquidity,” he explained.

Beyond domestic debt, the minister revealed that Ghana must also meet external debt service obligations amounting to US$8.7 billion over the next four years, representing 10.9% of GDP. He noted that 55% of this—US$2.5 billion in 2027 and US$2.4 billion in 2028—falls within the same period as the domestic debt peak.

“It seems the debt restructuring undertaken by the previous administration was designed to be 2027/2028-heavy. In spite of these upcoming domestic and external debt service obligations, no buffers were built to cushion these unprecedented burdens,” Dr. Forson stated.

Ghana Fintech Awards: eTranzact Ghana awarded Best Fintech Company

Joshua Tigo — Mon, 03 Mar 2025 10:33:51 +0000

eTranzact Ghana, a leading provider of payments technology, was awarded the title of ‘Fintech Company of the Year’ at the 4th Ghana Fintech Awards, held on March 1, 2025, at the Labadi Beach Hotel in Accra.

The Ghana Fintech Awards, organized by the Ghana FinTech and Payments Association in partnership with Arkel Limited, aim to celebrate and recognize excellence within Ghana’s rapidly growing fintech sector.

This year’s event featured 25 award categories, highlighting the industry’s continuous innovation and growth.

Under the theme “Building Trust in Ghana’s Digital Economy: The Essential Role of Cybersecurity and Data Privacy,” the ceremony highlighted the importance of trust, security, and privacy in the nation’s digital transformation.

Dr. John Obeng Apea, CEO of eTranzact Ghana, accepted the award on behalf of the company and expressed deep appreciation to customers, staff, and management for their collective efforts in fostering a culture of innovation and service excellence.

“This recognition as ‘Fintech Company of the Year’ and ‘Leading Payment Technologies Solution’ for the second time is a clear reflection of our steadfast commitment to innovation, security, and financial inclusion,” Dr. Apea remarked.

“As pioneers in Ghana’s fintech sector, we have been at the forefront of transforming digital payments for the last 20 years, continually evolving to meet the needs of both businesses and consumers. This award is not just a celebration, but a challenge that motivates us to continue pushing the boundaries of digital payments technology.”

Dr. Apea further emphasized that the company’s 20th anniversary marked an important milestone, reinforcing its dedication to developing cutting-edge solutions that redefine the future of digital payments in Ghana and beyond.

eTranzact Ghana’s recognition as ‘Fintech Company of the Year’ and ‘Leading Payments Technologies Provider’ for the second consecutive time reflects the company’s unwavering focus on delivering innovative payment solutions and its significant contribution to the growth of Ghana’s digital economy.

Over the years, eTranzact Ghana has introduced a range of groundbreaking financial products that improve the efficiency, security, and accessibility of digital transactions.

The awards ceremony also celebrated other key players in the fintech industry across various categories, highlighting the wide-ranging talents and innovations shaping Ghana’s dynamic fintech sector.

As a platform for recognizing achievements and fostering continued innovation, the Ghana Fintech Awards play an important role in encouraging further collaboration and excellence within the industry.

eTranzact Ghana is a trailblazing fintech company specializing in electronic payment solutions, transaction processing, and digital financial services.

Through secure and seamless platforms, the company has played an instrumental role in shaping the country’s digital payments landscape, serving banks, businesses, government agencies, and consumers.

The company has been a leader in promoting financial inclusion by providing innovative banking solutions, powering mobile money services, and facilitating cross-border remittances.

Its dedication to advanced technology and customer-centric solutions has solidified eTranzact Ghana’s position at the forefront of the nation’s fintech industry.

SML defamation lawsuit against Manasseh triggers allegations of coordinated media bribery

Joshua Tigo — Mon, 24 Feb 2025 11:51:41 +0000

Ghana woke up on Saturday to a media storm, with numerous newspapers across Ghana featuring front-page stories about a defamation lawsuit filed against investigative journalist, Manasseh Azure Awuni, by Strategic Mobilisation Ghana Limited (SML).

The suit stems from references to the company in Manasseh’s book, The President Ghana Never Got, which has ignited controversy surrounding the company’s role in a disputed contract with the Ghana Revenue Authority (GRA) and the Ministry of Finance.

The suit, which was filed in November 2024 but only surfaced recently, demands GHS 21 million in damages for alleged defamation caused by the portrayal of the SML deal as “the biggest scam” and “shady.”

But, the coordinated publications across several online portals and newspapers have raised eyebrows with Manasseh alleging that some media houses may have been induced to publish the stories.

Manasseh grounded his allegation on the revelation that an editor from a popular online news outlet had been approached by an unnamed source with an offer of money to publish the story.

“The editor of an online portal told me on Saturday that someone called to offer him money to publish the story, and he declined,” Manasseh wrote on his Facebook page.

The offer allegedly suggested that Manasseh was evading service of the writ. However, the editor declined, questioning the source’s motives.

SML’s legal team, led by Victoria Barth of Sam Okudzeto & Associates, also objects to Mr Azure’s characterization of SML’s claims of savings and services rendered as “falsehoods” and “lies.”

SML’s public grievance escalates a narrative that has already been the subject of intense scrutiny after a probe was triggered by President Akufo-Addo’s instruction for KPMG to investigate the matter.

This investigation, sparked by Manasseh’s original reporting, has cast a shadow over high-ranking government officials, most notably former Finance Minister Ken Ofori-Atta, who is currently under investigation for corruption-related offenses involving the SML contract.

The defamation case has raised eyebrows, especially given that it comes at a time when the Special Prosecutor has revealed ongoing investigations related to the SML contract.

Manasseh, who has been based in the United States since August 2024 for a year-long journalism fellowship at Harvard University, has clarified that the claims of evasion are unfounded.

He pointed out that SML had previously filed a defamation suit in February 2024 for the same matter, and the court had served him the writ through substituted service due to his international location.

In response to the fresh legal action, Manasseh assured the public that his lawyers are already taking steps to ensure the writ is properly served so he can legally address the claims in court.

He emphasized his long-standing commitment to transparency, stating that this suit represents the 11th defamation action against him since 2015, and he has never shied away from defending his work.

“I am a law-abiding citizen. I have never run away from any suit, and I will continue to defend myself and my work. My investigations have saved Ghana hundreds of millions of dollars, led to significant reforms, and contributed to successful prosecutions,” he said.

CIMG: Michael Abbiw is new President as new national executives are elected

Joshua Tigo — Fri, 14 Feb 2025 07:41:38 +0000

The Chartered Institute of Marketing, Ghana (CIMG) has officially announced the results of its highly anticipated national elections.

The voting process, overseen by the Electoral Commission, concluded with the election of new executives who will guide the Institute in the coming term.

The newly elected National Executives are:

National President-Elect: Michael Abbiw
National Vice-President Elect: Ama Gifty Amoah
National Secretary-Elect: Edwin Letsa K. Kpedor
National Treasurer-Elect: Dr. Francis Mensah Sasraku

Additionally, the following individuals have been elected as Council Members:

Hilda Peasah
Norrender Wordie Debrah
Kwasi Kyere

“We are excited to welcome our new leaders and are confident that their expertise and vision will propel the Institute to greater heights,” said a communique accompanying the Electoral Commission’s results.

The announcement, which comes after a smooth and transparent voting process, was met with enthusiasm from members of the marketing community with many congratulating the newly elected officers.

The election results reflect a strong commitment to leadership and progress within the organization.

The marketing body has extended its appreciation to all candidates who participated in the election and to the voters for their active engagement and dedication to shaping the future of marketing in Ghana.

The new executives are expected to assume their roles in the coming weeks.

As the Institute moves forward, all eyes will be on the fresh leadership as they work to advance the goals of CIMG and strengthen its influence in the marketing sector both locally and internationally.

RE: Angela List under scrutiny for false claims

Joshua Tigo — Tue, 04 Feb 2025 14:30:37 +0000

Angela List has been accused of making false claims in an attempt to mislead the market, according to sources at BCM International. Contrary to recent reports, Angela List is not a director of BCM International, a fact that the company asserts unequivocally.

Instead, she is a director of BCM Ghana Ltd, where she is alleged to have embezzled approximately USD 10 million.

Legal action, both commercial and criminal, is currently underway, with BCM expressing confidence in the Ghanaian legal system to bring about a just outcome.

Additionally, Angela List has falsely claimed that Alex Obu Simpson is the HR Manager of BCM Group.

In reality, Simpson is affiliated with Adamus Resources, a company that BCM Investments alleges was fraudulently taken over by Angela List.

A recent article published on GhanaWeb on January 29, 2025, has been described by BCM International as a “litany of lies and false claims.” The company has reiterated that it has no connection or association with Angela List.

Under new leadership, BCM International affirms that it remains focused on its operations and future growth, maintaining that it is “business as usual.”

A confidential source within BCM International dismissed Angela List’s statements as an attempt to disrupt the company’s operations.

“Her claims are ridiculous and a futile attempt to create confusion,” the source stated.

“A thorough review of the company and a comprehensive investigation into her conduct at

BCM Ghana Ltd has raised serious concerns, including allegations of embezzlement.”

BCM International has pledged to vigorously defend itself against any further attempts to undermine its business.

“Angela List has no involvement in BCM’s day-to-day operations, and until she faces legal consequences, we will continue to protect the integrity of our company,” the source concluded.

Sammi Awuku advises against burying lottery proceeds in Consolidated Fund

Joshua Tigo — Thu, 23 Jan 2025 13:00:24 +0000

Sammi Awuku, the former Director General of the National Lottery Authority (NLA), has called on the government to establish specific targets for the proceeds of lottery funds, proposing that these targets serve as key performance indicators for the sector.

He expressed concern that the current practice of funneling lottery proceeds into the Consolidated Fund has made the impact of these funds less noticeable.

Awuku highlighted examples from other countries that have effectively channeled lottery proceeds into major projects.

He pointed out how the Great Wall of China was partially funded by lottery revenue.

Similarly, the City of Miami and the United Kingdom’s Olympics were supported by lottery funds.

Speaking at the World Lottery Association (WLA) Marketing Seminar in Barcelona, Spain, Awuku joined an esteemed panel that included two former WLA presidents, Rebecca Paul and Jean-Luc Moner-Banet, as well as Romana Girandon the current European Lotteries President.

Awuku was the only African on the panel and took the opportunity to emphasize the need for lottery proceeds to benefit remote, underserved communities globally.

Additionally, he advocated for stronger regulations to prevent lottery addiction, particularly to protect minors, while still maximizing revenue.

He shared insights from Ghana’s experience, where the NLA created the Good Causes Foundation to support vulnerable populations, including the poor, destitute, and those with physical and mental challenges.

It was revealed that in 2024, lottery proceeds amounting to $90 billion, were allocated to various good causes.

Over 500 guests attended the seminar, and Awuku used the occasion to express his gratitude to the WLA for their support during his tenure as NLA Director General.

Dr deyemi urges businesses to harness power of intentional transformation

Joshua Tigo — Thu, 16 Jan 2025 13:58:26 +0000

Global Speaker Rev Dr Sam Adeyemi has urged business leaders and staff members to be attentive to their surroundings, emphasising that what they hear and see is critical to achieving sustainable transformation.

He explained that “seeing and hearing are two critical principles that enter the heart,” and help transform people.

“Transformation happens within and not without and also starts with self-leadership,” he indicated.

Speaking as the Guest Speaker at the Jospong Leadership Conference (JLC) 2025, Dr. Adeyemi presented on “Bridging the Gap: Leadership Journey of Connection and Change” on Wednesday, January 15, 2025.

As CEO of Sam Adeyemi GLC Inc., he encouraged the JGC staff and management to reflect on their surroundings, take practical steps, and strive for results.

The JLC-2025, 12th edition, themed “Transformation through Leadership,” aims to promote business sustainability, positive work ethics, and impactful change within the group.

Over 2,000 managers and senior staff members of the JGC participated both in-person and via Zoom.

Dr. Adeyemi stressed the importance of intentional transformation, highlighting the transformative power of movies and other media.

He also emphasised changing the narrative around oneself, saying, “Be intentional about how you want your life to be transformed.”

Additionally, he noted that communication, mentoring, and international travel contribute to sustainable transformation.

On that score, the man of God commended the Executive Chairman of Jospong Group, Dr. Joseph Siaw Agyepong, for investing in staff development through international training opportunities.

Dr. Siaw Agyepong also expressed gratitude to Dr. Adeyemi for consistently supporting Jospong Group’s JLCs despite his busy schedule.

Jospong Group CEO pledges support for 24-Hour Economy at JLC 2025

Joshua Tigo — Mon, 13 Jan 2025 17:59:03 +0000

The Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, has reiterated his company’s unwavering commitment to partnering with the government to create jobs for Ghana’s youth and spearhead national development.

Speaking at the opening ceremony of the Jospong Leadership Conference (JLC 2025) on Monday, January 13, 2025, at the Pentecost Conference Centre in Gomoa, Central Region, Dr Agyepong highlighted JGC’s alignment with the government’s vision of a 24-hour economy. He explained that the branding of the group’s waste management trucks reflects their readiness to support this initiative.

Additionally, Dr. Agyepong expressed JGC’s dedication to collaborating with the government on green economy projects, emphasizing the importance of sustainability in Ghana’s economic transformation.

The conference, which runs until January 17, 2025, is themed “Transformation through Leadership” and aims to promote business sustainability, positive work ethics, and the role of leadership in driving impactful and sustainable change within the organization. This year marks the 12th edition of the annual JLC.

Driving Transformation through Leadership

In his remarks on the conference theme, Dr. Agyepong urged JGC staff to embrace leadership with purpose, stating that transformational leadership requires courage, resilience, and innovative actions.

“I challenge each of you to fully immerse yourselves in this year’s leadership conference. Seize this opportunity to learn, reflect, and grow with purpose. Be active participants—ask thought-provoking questions, share innovative ideas, and engage in meaningful discussions,” he encouraged.

He emphasized the need for innovation and green initiatives as crucial pillars for growth and sustainability. Dr. Agyepong also announced JGC’s plans to expand its global footprint, with a new office in Kenya set to commence operations soon.

Ethical Leadership and Corporate Responsibility

A key highlight of the event was a presentation by renowned Marketing Professor, Professor Robert Ebo Hinson, on the topic “Ethical Leadership and Corporate Responsibility.” He stressed the importance of ethical leadership in building trust, driving sustainability, and giving companies a competitive edge.

“Ethical leadership guides behavior and helps navigate complex situations,” he noted, while cautioning against the detrimental effects of favoritism in organizations.

Professor Hinson outlined key attributes of ethical leaders, including honesty, fairness, and proactive role modeling. He also urged JGC to embed ethics into its strategic planning, prioritize transparency and accountability, and align its corporate purpose with ethical practices.

To strengthen its corporate social responsibility (CSR) efforts, he recommended initiatives such as corporate philanthropy, community volunteering, and socially responsible business practices.

Empowering the Next Generation

A major milestone at the conference was the launch of the Joseph Siaw Agyepong Foundation, aimed at nurturing young entrepreneurs by equipping them with the necessary tools and mentorship to become future leaders. The foundation received a seed funding of 500,000 Ghanaian Cedis to support its activities.

In a symbolic and heartwarming gesture, a painting of Dr. Agyepong and his family was presented to him and his wife, honoring his visionary leadership and philanthropic contributions to society.

With the 2025 JLC underway, the Jospong Group continues to demonstrate its commitment to leadership development, innovation, and sustainable growth, aligning with its mission to transform Ghana’s economy and empower its people.

Maintain E-Levy to support Women’s Development Bank, SMEs – GUTA tells Mahama

Dennis Adu — Thu, 09 Jan 2025 02:11:01 +0000

The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has urged President John Dramani Mahama to reconsider his decision to abolish the Electronic Transaction Levy (E-Levy).

“I would suggest that, if possible, the government should not abolish the E-Levy,” he said.

He explained that the proceeds from the tax should be used to support Ghanaian traders, particularly small and medium-sized enterprises (SMEs) including the President’s proposed Women’s Development Bank.

“We can use the proceeds from the E-Levy to provide access to finance for SMEs and for the women that the President is so concerned about.”

Before winning the 2024 election, President Mahama promised to abolish the E-Levy, which was introduced by the Akufo-Addo government. In his campaign to empower SMEs, he also promised to establish a Women’s Development Bank—a financial institution that would offer loans to women at low interest rates.

Dr Obeng argued that the President would need money to establish the bank and suggested that the E-Levy could serve as a potential source of revenue to support this initiative and help various SMEs.

“This is my view, and I am expressing it because if we want to raise funds to support the informal sector, SMEs, and women, we must also think about how to generate this money.”

He added, “I have already said that we should rationalise taxes, and if there is one tax I would recommend maintaining, it should be the E-Levy. It is not only businesses that pay this tax—it is paid by all of us. Moreover, it is an existing tax that is already in place and is ongoing.”

Dr Obeng was speaking on JoyNews’ Newsdesk on Wednesday, January 8.

The E-Levy, introduced by the previous New Patriotic Party (NPP) government, was designed to broaden the country’s tax base and generate revenue for national development.

However, the tax has faced significant criticism from many Ghanaians. In response to the backlash, the government reduced the initial 1.5% charge to 1%.

Meanwhile, the Special Aide to the new President, Joyce Bawah, reassured the public earlier on JoyNews’ AM Show that the new government would abolish the E-Levy, as well as the COVID-19 levy.

Bank of Ghana: List of FX Brokers authorised to operate on the Ghana Interbank FX Market

Dennis Adu — Mon, 06 Jan 2025 09:53:20 +0000

The Bank of Ghana (BoG) has announced the authorized FX brokers permitted to operate in the Ghana Interbank Forex Market for the calendar year 2025.

The authorization is in accordance with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which mandates prior approval for local and international FX brokers.

In a notice signed by Ms. Sandra Thompson, Secretary of the Bank of Ghana, 15 FX brokers have been granted authorization effective January 1, 2025, to December 31, 2025.

These brokers include:

IC Securities
SIC Brokerage
Black Star Brokerage
Serengeti Limited
Obsidian Acherner
Regulus
Sarpong Capital
Terika Financial Services Ltd
Laurus Africa
Shadeya International Investments Ltd
Savvy Securities
GFX Brokers
Crown Agents (Cross-Border Payments and Financial Services Providers)
CSL Capital (Cross-Border Payments and Financial Services Providers)
StoneX Financial Limited (Cross-Border Payments and Financial Services Providers

READ THE FULL RELEASE BELOW:

BANK OF GHANA
NOTICE NO: BOG/FMD/2025/01

AUTHORISED FX BROKERS BY BANK OF GHANA

Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules stipulates:
“Local and International FX Brokers who want to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year.”

In line with the above, the Bank of Ghana has given authorisation for the underlisted FX Brokers to operate on the Ghana Interbank FX market effective January 01, 2025, to December 31, 2025.

1. IC Securities
2. SIC Brokerage
3. Black Star Brokerage
4. Serengeti Limited
5. Obsidian Acherner
6. Regulus
7. Sarpong Capital
8. Terika Financial Services Ltd
9. Laurus Africa
10. Shadeya International Investments Ltd
11. Savvy Securities
12. GFX Brokers
13. Crown Agents (Cross-Border Payments and Financial Services Providers)
14. CSL Capital (Cross-Border Payments and Financial Services Providers)
15. StoneX Financial Limited (Cross-Border Payments and Financial Services Providers)

The Bank of Ghana reserves the right to delist any authorised FX Broker for non-performance or non-compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules and the Post Authorisation Guidelines for Forex Brokers.

(SGD.) Sandra Thompson (Ms.)
The Secretary
2nd January 2025

POST AUTHORISATION CONDITIONS AS AN FX BROKER

i. On each trading day, authorised FX brokers shall be required to send to the BoG an interim report mid-day and end of day report when the market closes and should cover pricing and volumes. This report shall be sent to fxbrokers@bog.gov.gh.

ii. FX brokers shall adhere to all applicable requirements under the Ghana Interbank FX Market Conduct rules. Bank of Ghana (BoG) shall impose penalties and/or revoke authorisation if any FX broker is deemed to have deviated from any of the Ghana Interbank FX Market Conduct rules.

iii. An FX broker shall apply for a renewal of authorisation as an FX broker in Ghana by the end of the first working week of December of every calendar year.

iv. Restructuring of the FX broker, e.g., mergers, takeovers and any other significant changes (e.g. change of company name, etc.), must be reported to the BoG without delay. In the event of restructuring and/or changes to the FX brokers’ regulatory status, proof must be provided that the regulatory authority has either approved or has not objected to such changes.

v. An FX broker shall not take the other side of customer trades, nor should the trade be outsourced to any single third party who can skew the price according to their own trading book. If the counterparty makes its own price, then the FX broker should seek a best price from a reasonable array of wholesale market makers.

vi. An FX broker shall not buy or sell foreign exchange for its own account, nor hold, borrow or lend foreign exchange to an authorised market participant.

vii. An FX broker shall not deal directly with any corporate entity and is required to be an intermediary between banks on the Interbank Forex Market.

viii. FX brokers are to operate on a commission basis and should not include their commissions as spreads in pricing trades.

ix. An FX broker must have a robust system in place with the required safeguards against cybercrime and other forms of internet or other technology threats in line with the Bank of Ghana’s Cyber Security Directives.

x. An FX broker shall quote exchange rates that are based on actual transactions within the domestic economy in Ghana and may be required to provide evidence of that as deemed necessary.

POST AUTHORISATION CONDITIONS FOR FX BROKERS IN RESPECT OF CROSS-BORDER PAYMENTS AND FINANCIAL SERVICES PROVIDERS

i. On each trading day, authorised Cross-Border Payments and Financial Services Providers shall be required to send to the BoG an end-of-day report when the market closes. This should cover pricing, volumes, and the source of inflow. This report shall be sent to fxreturns@bog.gov.gh.

ii. Cross-Border Payments and Financial Services Providers shall desist from aggressively pricing forex. They are to ensure that their pricing reflects market dynamics and falls within the revealed rates by their banks.

iii. Cross-Border Payments and Financial Services Providers shall have up to a maximum of five (5) partner banks for the purposes of termination of forex flows.

iv. Cross-Border Payments and Financial Services Providers shall apply for a renewal of authorisation to operate in Ghana by the end of the first working week of December of every calendar year.

v. Restructuring in the form of mergers, takeovers, and any other significant changes (e.g., change of company name, etc.), must be reported to the BoG without delay. In the event of restructuring and/or changes, proof must be provided that the regulatory authority has approved or not objected to such changes.

vi. A Cross-Border Payment and Financial Services Provider must have a robust system in place with the required safeguards against cybercrime and other forms of internet or other technology threats in line with the Bank of Ghana’s Cybersecurity Directives.

vii. A Cross-Border Payment and Financial Services Provider must desist from engaging or interfacing with Money Transfer Operators (MTOs).

viii. Bank of Ghana (BoG) shall revoke the authorisation if any Cross-Border Payments and Financial Services Provider is deemed to have breached any of the conditions.

Dr. Nduom confident in Mahama-led NDC to restore GN Bank’s legacy

Dennis Adu — Sun, 22 Dec 2024 22:45:06 +0000

The Global Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has expressed confidence that the new National Democratic Congress (NDC) administration, led by John Dramani Mahama, will work towards restoring GN Bank.

Speaking at the 30th-anniversary celebration of Coconut Grove Beach Resort in Elmina, one of the flagship businesses of the conglomerate, Dr Nduom shared his optimism about the future of the bank and its potential revival.

“GN Bank has always been a people-centered institution, serving communities that many financial institutions overlooked,” Dr Nduom said. “I am hopeful that this new administration will recognize the value we brought to the sector and work with us to restore what was unfairly taken away.”

GN Bank, which was once one of Ghana’s leading Indigenous banks, was downgraded to a savings and loans company before it finally collapsed following a banking sector clean-up that accused its managers of committing several breaches.

Dr Nduom believes that a partnership with the incoming administration could pave the way for a turnaround.

“We built GN Bank with a mission to empower small businesses and rural communities. Its restoration would not only benefit our customers but also contribute significantly to Ghana’s economic growth,” Dr Nduom emphasized.

Reflecting on the broader vision of Group Nduom, he added: “Our businesses have faced challenges, but we remain resilient. I am optimistic that with the right leadership and support, we can rise again stronger than before” he noted.

The 30th-anniversary celebration of Coconut Grove Beach Resort was marked by heartfelt speeches, community engagement, and a carols night. Dr Nduom’s call for the restoration of GN bank resonated with many attendees.

Aggrieved Menzgold customers appeal to Mahama for financial bailout

Dorcas Abedu-Kennedy — Fri, 20 Dec 2024 11:14:11 +0000

Customers of the collapsed MenzGold Ghana Limited are urging the incoming administration of President-elect John Dramani Mahama to provide immediate financial relief to address their dire situation.

MenzGold, once a major player in Ghana’s financial sector, shut down amid allegations of running a Ponzi scheme, leaving thousands of investors stranded and unable to recover their funds.

Many are now facing severe financial hardship, as the legal process drags on with little progress.

Fred Forson, convener of the aggrieved customers, spoke to Citi News, emphasizing the urgency of the matter.

He pointed out that, many investors have been pushed into critical economic conditions since the company’s downfall.

Forson appealed to the incoming government to consider implementing a bailout scheme to ease the financial burdens of victims while the legal proceedings continue.

“We have high hopes and expectations that the incoming President will offer us some form of bailout as we await the conclusion of the NAM1 court case,” Forson remarked.

He also suggested that the frozen assets of MenzGold, including real estate, vehicles, and other holdings, could be used as collateral for the proposed bailout, presenting a practical and fair solution.

These assets, currently under state custody as part of investigations and court proceedings, have been a point of contention since the company’s collapse.

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Bitcoin hits new record high of more than $106,000

Dennis Adu — Mon, 16 Dec 2024 16:20:34 +0000

Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency’s price rise by more than 50% since Donald Trump’s victory in the 5 November election.

The world’s largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.

The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.

On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of the digital currency, similar to the country’s strategic oil reserve.

“The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum,” Peter McGuire from trading platform XM.com told the BBC.

“Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year”.

Earlier this month, Trump named Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar.

Mr Sacks is a former PayPal executive and a close friend of Trump adviser and mega-donor Elon Musk.

Trump has also said he would nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC).

Last month, the SEC’s current head, Gary Gensler, said he would resign from the role on the day of Trump’s inauguration, on 20 January next year.

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour,” Mr Gensler wrote on the social media platform X.

Trump had previously revealed plans to sack Mr Gensler on “day one” of his new administration after the SEC chairman took legal action against cryptocurrency firms, sparking controversy in some quarters.

Elon Musk’s record $447 billion fortune means he’s nearly $200 billion ahead of Jeff Bezos

Dennis Adu — Fri, 13 Dec 2024 02:40:25 +0000

Elon Musk is nearly $200 billion richer than Jeff Bezos, and personally worth more than Costco, after adding $63 billion to his fortune in a single day.

His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX’s valuation leaped to $350 billion based on employee share sales.

Musk’s fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon’s Bezos ($249 billion) and Meta’s Mark Zuckerberg ($224 billion).

Musk is now more than twice as wealthy as Oracle’s Larry Ellison ($198 billion), and more than three times as rich as Warren Buffett ($144 billion).

His one-day gain — the largest in the index’s history — rivals the total wealth of Binance cofounder Changpeng Zhao, ranked 23rd with a $63.2 billion fortune. It also helped to lift the combined wealth of the 500 richest people on the planet to above $10 trillion for the first time, Bloomberg said.

Musk is now worth more on paper than the vast majority of US public companies, including Costco ($442 billion), Home Depot ($419 billion), and Netflix ($400 billion).

His wealth is largely made up of his roughly 13% stake and some contested stock options in Tesla, and his 42% slice of SpaceX. Musk’s other businesses include xAI, Neuralink, The Boring Company, and X Corp, formerly Twitter.

Tesla shares have surged more than 70% this year to $425 at Wednesday’s close, valuing the company at nearly $1.4 trillion. That figure comfortably exceeds the roughly $1 trillion market value of Buffett’s Berkshire Hathaway and approaches the $1.6 trillion value of Zuckerberg’s Meta.

The electric vehicle maker’s shares have soared as investors bet it will harness artificial intelligence in revolutionary products such as self-driving cars and humanoid robots.

Tesla is developing Optimus robots.Future Publishing/ Getty

Musk’s prominent role in Donald Trump’s campaign, and his emergence as a close advisor to the president-elect who’s tasked him with streamlining the US government, have also fueled optimism around his companies.

SpaceX is now valued at $350 billion based on the latest price paid by the company and its backers to buy shares from employees, Bloomberg reported Wednesday. The Starlink owner’s valuation was previously $210 billion after a secondary share sale in June.

It’s worth underscoring how dramatic Musk’s wealth jump has been. He was worth less than $170 billion as recently as April, and only about $25 billion five years ago — around 1/18 of his net worth now.

Tesla was worth less than $100 billion during the Covid crash of 2020, or about 1/14 of its valuation today.

NPP borrowed more than GHS1 trillion between 2017 and 2024 NOT GHC 622 billion

Dennis Adu — Sat, 07 Dec 2024 16:26:10 +0000

Claim: X user @scottbolshevik claims that from 2017 to now, Ghana has borrowed over GHC 622 billion, with the Bank of Ghana illegally printing GHC 60 billion and leveraging mobile money systems for additional funds.

Verdict: False

Explanation: According to a 2023 report by FactCheck Ghana and Bank of Ghana’s Summary of Economic Financial Data(2024), Ghana’s borrowing figures over the years are as follows:

Year	Borrowed figures(GHS)
2017	142,546,700,000
2018	173,102,200,000
2019	218,228,900,000
2020	291,630,700,000
2021	351,787,000,000
2022	575,000,800,000
2023	610,000,000,000
Total	1,749,294,300,000

From the data above, Ghana has borrowed over GHS1 trillion between 2017 and 2024, which is more than the GHS622 billion as claimed. The Ghana Fact-Checking Coalition did not find any evidence to support the claim that the Bank of Ghana printed GHS 60 billion illegally.

Source: Ghana Fact-Checking Coalition

Misleading! Mahama didn’t leave office with debt-to-GDP ratio at 56%, inflation at 15%, unemployment rate at 8%

Dennis Adu — Sat, 07 Dec 2024 02:55:00 +0000

Claim 1: A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s debt-to-GDP ratio was 56%.

Verdict: False!

Explanation

Data from the International Monetary Fund (IMF) and the Ministry of Finance showed that Ghana’s debt-to-GDP ratio was above 72% in 2016 when Mahama exited office, not 57%, as claimed.

Claim 2: A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s inflation was 15%.

Verdict: True!

Explanation

The Ghana Statistical Service (GSS)’s 2016 year-on-year inflation rate confirmed that the inflation rate, as of December 31, 2024, was 15%.

Claim 3: A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s unemployment rate was 8%.

Verdict: True!

Explanation

The GLSS 7 survey conducted between October 2016 and October 2017, confirmed Ghana’s labour force comprised 12,244,318 people, with 11,216,724 employed and 1,027,596 unemployed. Using the unemployment rate formula, dividing 1,027,596 by 12,244,318 and multiplying the result (0.0839) by 100%, the unemployment rate for 2016/2017 was 8.39%, rounded to 8.4%. Therefore, the social media user’s claim is true.

Source: Ghana Fact-Checking Coalition

False! Ghana 7th not 3rd, most food-secure African country

Dennis Adu — Sat, 07 Dec 2024 02:17:24 +0000

Claim: At the final rally of the New Patriotic Party (NPP) on Dec. 5, 2024, the flagbearer, Dr Mahamudu Bawumia, said: “If you ranked the countries by food security, Ghana is number three in Africa in all the 54 countries.”

Verdict: False!

Verification: The Global Food Security Index, which evaluates 113 countries based on the affordability, availability, quality, and safety of food, ranked Ghana 7th in Africa in its last report in 2022. Meanwhile, the country ranks 83rd globally with an overall score of 52.6.

Therefore, the claim is false.

Source: Ghana Fact-Checking Coalition

T-bills: Government’s target fall short by GH¢2.26bn; interest rate still rising

Faridatu Seidu — Mon, 02 Dec 2024 11:09:03 +0000

The government missed its treasury bills target again by a massive GH¢2.262 billion as liquidity remains tight on the money market ahead of the December 7, 2024, general elections.

This represented an undersubscription of 37.09%.

According to auction results by the Bank of Ghana, the government got GH¢3.83 billion from the sale of the short-term instruments.

This is against a target of GH¢6.098 billion.

All the bids tendered for the instruments were accepted. Once again, a chunk of the bids came from the 91-day bill.

A little over GH¢2.9 billion, representing 76.9% of the bids were accepted.

About GH¢ 669.37 were tendered for the 182-day bill.

For the 364-day bill, GH¢216.58 million were gotten.

Meanwhile, interest rates rose on the yield curve.

The yield on the 91-day bill went up by 0.40% to 27.36%.

That of the 182-day bill also increased to 28.09% from 27.78% the previous week.

For the 364-day bill, the interest rate also went up to 29.87% from 29.21% the earlier week.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	2.949bn	2.949bn
182 Day Bill	669.37m	669.37m
364 Day Bill	216.58m	216.58m

Total	3835.93bn
Target	6.098bn

Source: Joy Business

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Ghana and Seychelles sign two agreements

Dennis Adu — Tue, 26 Nov 2024 22:52:43 +0000

Ghana and Seychelles have signed a Bilateral Air Service Agreement (BASA) and a Memorandum of Understanding (MoU) to strengthen their bilateral relationship.

The MOU is on Cooperation in the field of Science, Technology, Engineering and Mathematics (STEM), Research, Training and Skills Development.

The signing of the two formed part of the official visit to Ghana by Mr Wavel Ramkalawan, President of Seychelles.

A statement issued by the Ministry of Foreign Affairs and Regional Integration, copied to the Ghana News Agency said Mrs Mabel Sagoe, Chief Director of the Ministry of Transport, signed the BASA and Mrs. Mamle D. Andrews, Chief Director of the Ministry of Education, signed the MoU on Education.

It said Mr Conrad Mederic, High Commissioner of Seychelles to Ethiopia signed on behalf of Seychelles.

The statement noted that this brought the total MoUs signed during Mr Ramkalawan’s visit to Ghana to four.

It said earlier on during the visit, the MoUs in the areas of Culture and Tourism Development were signed on Thursday, 21st November.

AOMC CEO urges struggling OMCs to merge for a stronger industry

Dennis Adu — Mon, 25 Nov 2024 01:43:49 +0000

The CEO of the Association of Oil Marketing Companies (AOMCs), Dr Riverson Oppong, has called on underperforming Oil Marketing Companies (OMCs) to consider merging with stronger players to create a more sustainable industry.

Speaking on Joy News’ PM Express Business Edition, he stressed the need for dialogue among industry stakeholders to address inefficiencies.

“A high flyer, a well-doing oil marketing company, needs to buy into the idea that they can have 5% shares in another by giving their company and outlets to that company,” he suggested.

Dr. Oppong believes such collaborations could streamline operations and improve profitability for struggling OMCs.

He criticized the reluctance of some companies to consider mergers.

“Everybody wants to become an MD. Everybody wants to drive a Land Cruiser,” he said, lamenting the culture of individualism in the industry.

Dr Oppong shared an example from the global oil market: “If Exxon and Mobil had to merge to form ExxonMobil, becoming the world’s superpower, what stops us as Ghanaians?” he asked.

He announced plans to organise a downstream dialogue in the first quarter of next year, where CEOs and MDs of OMCs can discuss potential collaborations.

“This dialogue is going to be a meeting where we run the numbers and face facts,” he said, highlighting the importance of data-driven decisions.

Dr. Oppong concluded by urging non-performing companies to seek partnerships rather than struggle independently.

“Let’s come together and move forward. That should be the way to go,” he stated.

The AOMC boss has also expressed deep concern over the rampant corruption in Ghana’s oil marketing industry.

The oil marketing sector in Ghana is under a siege of its own making, according to Dr Riverson Oppong.

“There are so many regulations in the system, but still, the system is corrupt because the number is too much,” he said.

Dr Oppong believes the influx of OMCs has created a chaotic environment that makes it nearly impossible for regulators to maintain control.

He pointed out the unsettling trend of non-compliance, with some companies undercutting prices and selling lower quantities of fuel than advertised.

Gov’t blocks pension funds from offshore investment on currency concerns, sources say

Gertrude Okyere — Wed, 20 Nov 2024 06:42:17 +0000

Government is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.

After pension reforms in 2010, workers’ retirement contributions in the world’s number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allows private firms to manage some contributions.

Assets under management by the pension fund industry were GH¢78.2 billion ($4.93 billion) in June, of which over 73% were managed by 39 private fund management firms.

Ghana’s state-run pension fund handles tier one contributions towards employees’ monthly retirement benefits, which are mandatory, while private firms manage tiers two and three – mandatory and voluntary contributions respectively – for lump-sum payment at or before retirement.

The majority of contributions are invested in Ghanaian assets, including Ghana government Eurobonds.

However, private fund managers have been eager to explore offshore investment opportunities following the restructuring of 31 billion cedis of their holdings under a local debt rework.

Ghanaian laws permit private fund managers to invest up to 5% of total assets abroad, approximately 2.8 billion of current assets under management, though firms and authorities differ on the necessity of prior approval.

Some fund managers invested in offshore assets earlier this year, the sources, two in the private pension firms and one at the finance ministry said, but were stopped by the regulator, the National Pensions Regulatory Authority (NPRA).

“They (NPRA) threatened to sanction us but we didn’t find any basis in law,” one of the sources at a fund management company told Reuters.

“We have not exited but we can’t invest more (offshore). It’s a very strange development,” said the source who asked not to be named, adding that they had $5 million in offshore assets.

John Kwaning Mbroh, head of NPRA, told Reuters that “there’s no resistance” to investing pension assets offshore but the regulator needed approval from the government before signing off.

Mbroh said discussions were taking place to streamline the rules and clarify how to value offshore investments for contributors and fund managers, although he did not know when they would conclude.

‘PROTECTING LIQUIDITY’

Ghana is concluding a challenging debt-restructuring process under the G20’s Common Framework initiative, having defaulted on most of its $30 billion international debt in 2022.

Despite Ghana’s economic recovery, the cedi currency has depreciated 25% against the U.S. dollar year-to-date, having already fallen around 17% in 2023.

The source at the finance ministry, who also requested anonymity, said the ministry was concerned about the need to “balance the effects” of investing pension funds abroad on domestic liquidity and value appreciation to fund managers.

“The ministry won’t say ‘no’ but it’s about how do we protect the economy, the liquidity,” the source said.

Private pension management firms in Ghana argue that authorities are overly cautious, pointing out that local mutual funds and African pension funds invest offshore without similar concerns.

They contend the current policy, given high inflation and cedi depreciation, limits value creation and mutes gains.

They also say it is contradictory to allow foreign pension funds to invest in Ghana’s market while preventing local funds from investing abroad.

“The world over, pension funds chase value but they want us to chase inflation,” an executive of one of the top five fund managers said, adding that investing 5% of their assets abroad doesn’t even move the needle.

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Apple accused of trapping and ripping off 40m iCloud customers

Dennis Adu — Thu, 14 Nov 2024 04:02:36 +0000

Apple is facing a legal claim accusing it of effectively locking 40 million British customers into its iCloud service and charging them “rip off prices.”

Consumer group Which? says the legal action – which it has launched – could result in a £3bn payout if it is successful, equivalent to £70 per customer.

Apple has rejected the suggestion its practices are anti-competitive, saying users are not required to use iCloud, many rely on third-party alternatives and insisting it “works hard to make data transfer as easy as possible.”

It is another example of the “growing tide of large class actions against Big Tech” which has “operated without sufficient constraint”, Toby Starr from legal firm Humphries Kerstetter told the BBC.

Facebook, Google, gaming giant Steam and the UK’s leading mobile providers are among the others facing legal claims at the same court, the the Competition Appeal Tribunal.

“Although most of these claims are in their infancy and take a long time to resolve, there will be more decisions coming out over the next couple of years and there will be settlements – these will start to affect the tech giants’ businesses,” said Mr Starr.

A price to pay

Users of Apple products get a small amount of digital storage for free – and after that are encouraged to pay to use its iCloud service to back up photos, videos, messages, contacts and all the other content which lives on their device.

Prices for this storage range from £0.99 a month for 50GB of space to £54.99 a month for 12TB.

Apple does not allow rival storage services full access to its products.

It says that is for security reasons – but it also contributes to the company’s enormous revenues.

Which? says over a period of nine years dating back to 2015 Apple has been effectively locking people into its services – and then overcharging them.

“By bringing this claim, Which? is showing big corporations like Apple that they cannot rip off UK consumers without facing repercussions,” the body’s chief executive Anabel Hoult said.

“Taking this legal action means we can help consumers to get the redress that they are owed, deter similar behaviour in the future and create a better, more competitive market.”

Apple has strongly denied Which’s accusations.

“We reject any suggestion that our iCloud practices are anti-competitive and will vigorously defend against any legal claim otherwise,” it said in a statement.

Though being launched by Which?, the legal action is being funded and taken forward by international law firm Willkie Farr & Gallagher.

Which? said they would be paid fees as the case progressed, getting additional payments if it was successful – but they would not be getting a percentage of any damages.

Alan Davis, from law firm Pinsent Masons, said there were very likely to be more, similar cases in the future.

“It is inevitable that further claims of this nature will continue to be brought given the very high value of the aggregate damages and the role of and incentive for litigation funders to support these claims which might not otherwise be brought without that financial support,” he told the BBC.

He added the absence of any infringement decisions under EU or UK competition law meant it would be down to the claimant to prove the market abuse it was alleging was actually taking place.

However, he pointed out the regulator had announced a wider investigation into cloud services in the UK.

Indian billionaire acquires Pepsi bottling operations in Ghana for $15.1m

Dennis Adu — Thu, 14 Nov 2024 01:16:26 +0000

Varun Beverages, an Indian multinational led by billionaire Ravi Jaipuria, has agreed to acquire PepsiCo’s bottling operations in Ghana for $15.1 million.

In a statement, the company said the deal forms part of a broader $169.6 million purchase covering operations in both Ghana and Tanzania and marks an expansion of Varun Beverages’ footprint in Africa.

The acquisition of SBC Beverages Ghana Limited (SBCG), which was finalised subject to regulatory approvals, will see Varun Beverages take full control of Pepsi’s bottling and distribution network in Ghana.

SBCG manufactures and sells the PepsiCo franchised brands: Pepsi, Pepsi Max, 7UP, 7UP FREE, Mirinda, Mountain Dew and Evervess. SBCG also manufactures and sells energy drink under its own brand Cheetah.

The company has one manufacturing facility located in Accra with two manufacturing lines.

The company, which already operates in several African countries, including Morocco and Zambia, aims to bolster its position in the region by integrating SBCG’s operations into its existing network.

Varun Beverages is known for manufacturing and distributing Pepsi, 7Up, Mirinda, and Mountain Dew in India and several other countries.

In Ghana, SBCG has a manufacturing facility in Accra and boasts a strong presence with key beverage products under PepsiCo’s global brand umbrella.

Alongside the Ghana deal, Varun Beverages has also secured the purchase of SBC Tanzania for $154.5 million, which will further cement its dominance in the East African beverage market. The company’s expansion strategy includes establishing a solid base in Africa, where it has already made significant strides since the 1990s.

Ravi Jaipuria, a tycoon with an estimated net worth of $16 billion, leads Varun Beverages, one of PepsiCo’s largest global franchisees.

The company has extended its influence into Nepal and Sri Lanka, with Jaipuria’s conglomerate, RJ Corp, involved in sectors like fast food and healthcare, in addition to beverages.

Mr. Jaipuria expressed enthusiasm about the deal, noting the vast potential for Varun Beverages to increase its operations across both Ghana and Tanzania, producing millions of cases of beverages annually.

This acquisition aligns with the company’s long-term plans to scale operations and continue its legacy of distributing iconic beverages globally.

The Tower Residence: Accra’s newest luxury real estate development

Joshua Tigo — Mon, 11 Nov 2024 17:00:01 +0000

In the ever-evolving landscape of Accra’s real estate market, The Tower Residence stands out as a beacon of luxury and modern living.

Developed by CPL Developers, a reputable name in Ghana’s real estate sector, this premier project promises to redefine upscale living while offering exceptional investment opportunities for discerning buyers.

Some of their notable projects include Belmonte, a luxury apartment complex in East Legon that offers modern amenities and exquisite design, and Oasis Park Residences, which has garnered attention for its hotel-styled apartments that provide enviable rental income.

Each development reflects CPL’s dedication to quality, innovation, and customer satisfaction.

The Tower Residence: A New Standard in Luxury Living

Located in the prestigious Airport Residential area, The Tower Residence features twin towers that harmoniously blend elegance with modern convenience.

This development offers a variety of fully automated spacious units, including executive studios, one-bedroom apartments, two-bedroom apartments, and maisonette, designed with the utmost comfort in mind.

Key Features of The Tower Residence:

Fully Automated Units—One of the most compelling features of this luxurious twin tower project is that all units are fully automated, integrating advanced technology to enhance residents’ living experience.

Stunning Skyline Views: Residents can enjoy picturesque sunsets, vibrant city lights at night, and a constant reminder of the city’s energy and vibrancy.

Extensive Amenities: With over 15 life-enhancing amenities such as a rooftop pool, fitness center, and landscaped gardens, The Tower Residence is designed to elevate everyday living.

Strategic Location: This development’s proximity to Kotoka International Airport, key business districts, schools, and recreational facilities makes it ideal for families and professionals.

Flexible Payment Plans: The best part of owning a part of The Tower Residence is that you don’t have to pay it all at once. There are tailored payment plans to suit your budget.

A Rare Investment Opportunity

As the demand for luxury properties in Accra continues to rise, investing in The Tower Residence presents an excellent opportunity for capital appreciation and rental income.

The luxury real estate market is projected to grow steadily, making now the perfect time to secure your place in this thriving community.

You Can Start Now

With its innovative design, prime location, and exceptional amenities, The Tower Residence is poised to become one of Accra’s most sought-after addresses.

Whether you are looking for a new home or a lucrative investment opportunity, this development offers everything you need to live comfortably and stylishly.

For more information on The Tower Residence, visit here.

Don’t miss your chance to be part of Accra’s newest luxury living experience!

Bitcoin tops record $80,000 as Trump nears sweep of US Congress

Dennis Adu — Mon, 11 Nov 2024 01:48:19 +0000

The price of bitcoin has risen above $80,000 (£62,000) for the first time ever, after Donald Trump’s decisive victory in the US election last week.

It comes as the Republicans are edging closer to overall control of Congress, after having already secured the presidency and a majority in the Senate.

On the campaign trail, the president-elect pledged to make the US “the crypto capital of the planet”.

The value of world’s biggest cryptocurrency has now risen by more than 80% this year.

Other cryptocurrencies, including dogecoin – which has been promoted by high-profile Trump supporter Elon Musk – are also making gains.

In the run-up to the election, Trump said he would create a strategic Bitcoin stockpile and appoint digital asset-friendly financial regulators.

Trump has said one of his first actions as president would be to sack the current chair of the Securities and Exchange Commission (SEC), Gary Gensler.

Mr Gensler, who was appointed Joe Biden in 2021, has led the SEC’s crackdown on the crypto industry.

Trump’s broader agenda, which includes cutting taxes and reducing regulations on businesses, has also driven a surge in other investments since he won the election.

Major stock indexes, the dollar and US bonds have all made gains in recent days.

ADB temporarily closes Bawku branch amid rising security concerns

Dennis Adu — Sat, 02 Nov 2024 04:02:05 +0000

The Agricultural Development Bank PLC (ADB) has announced the temporary closure of its branch in Bawku, citing escalating security concerns in the area.

In a recent press release, ADB confirmed that the branch would remain closed until the security situation improves, stating that this step was taken with the safety of staff and customers in mind.

ADB has maintained a presence in Bawku as the sole operational bank in the region for over a year. Other commercial banks previously withdrew their operations from Bawku, also due to the volatile security conditions.

By closing temporarily, ADB joins the ranks of other financial institutions prioritizing staff safety amidst the ongoing tension in the area.

The bank assured customers that its commitment to serving the people of Bawku and surrounding communities remains strong, promising a return to regular branch operations as soon as stability is restored.

In the meantime, ADB encourages customers to use its electronic banking platforms, which will remain fully accessible to facilitate transactions and maintain essential banking services.

“We remain dedicated to providing universal banking services across the country,” the statement reads, underscoring ADB’s broader mission to deliver essential financial services even in challenging conditions.

Ghana to record end-year inflation of 15.0% in 2024 – IMF

Dennis Adu — Sat, 26 Oct 2024 00:55:25 +0000

Ghana is expected to record an average inflation of 19.5% in 2024, the International Monetary Fund (IMF) has revealed.

In its World Economic Outlook, it also predicted an end-year inflation of 15% for the country.

In 2025, the nation will record an average lower inflation of 11.5%.

According to the IMF, the country would register a sharp decline in inflation in 2025, easing the cost of goods and housing,

This will consequently boost consumer spending and aggregate demand.

However, the end-of the year inflation in 2025 is estimated at 8.1%. That would be the lowest since 2019.

The Fund pointed out in its October 2024 Regional Economic Outlook that with further policy adjustment expected inflation is expected to continue on a downward trajectory.

“The regional GDP-weighted headline inflation is projected to decline substantially, from 18.1% in 2024 to 12.3% in 2025, with significant decreases in Angola, Ghana, and Nigeria”.

“Median inflation will decline slightly, from 4.7% to 4.5%. However, inflation will remain substantially higher in oil exporters than in the rest of the region”, it added.

Inflation surged to 21.5% in September 2024, from 20.4% in August, according to data from the Ghana Statistical Services (GSS).

It came a few days after the Bank of Ghana announced a 2.0 percent cut to its benchmark Monetary Policy Rate (MPR) – the highest in six years.

IMF warns world to avoid global trade war

Dennis Adu — Thu, 24 Oct 2024 23:07:13 +0000

The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.

It comes as concerns are heightened ahead of the possible re-election of Donald Trump.

Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.

Last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas.

IMF Deputy Managing Director Gita Gopinath said the Fund could not yet assess the specifics of Trump’s trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7%”.

“These are very large numbers, 7% is basically losing the French and German economies. That’s the size of the loss that would be,” she continued.

Ms Gopinath also said tariffs worth hundreds of billions of dollars “is very different from the world we’ve lived in over the past two of three decades”.

The IMF’s deputy chief said another of the Fund’s main messages at its Annual Meetings was to warn on ballooning levels of global government debt.

She said the current period of steady economic growth was a “moment to rebuild your fiscal buffers” as “this will not be the last crisis. There will be additional shocks. You will need the fiscal space to respond. And now is the time to do it”.

Ms Gopinath said it was also necessary to “look at the bright side” with a resilient world economy after “some very tough knocks”.

She suggested the world economy had seen a soft landing from the multiple crises.

“Past experiences with bringing down inflation have not been with a soft landing. It was a big, big increases in unemployment. So that was a big hit, and it has turned out to be much better than many feared”, she said.

Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment. But that now was the time to rebuild resilience in a fragile world.

Nigeria: Charges against Binance cryptocurrency boss dropped

Dennis Adu — Thu, 24 Oct 2024 01:48:39 +0000

Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad.

Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) – which they denied.

The 40-year-old was in charge of financial crime compliance at Binance, the world’s largest crypto exchange that Nigeria blames for much of its recent economic turmoil.

It accused the digital platform – where investors can buy, sell and trade cryptocurrencies – of fixing exchange rates and currency speculation, leading to the free-fall of the local currency.

The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism.

Mr Gambaryan’s family has been calling for his release over concerns about his health, saying conditions at the Kuje Correctional Centre – a prison in the capital, Abuja, where he had been held since April – were exacerbating a back problem.

“The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife Yuki said in August.

The High Court judge has twice denied him bail, saying he was a potential flight risk.

This followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager.

He was arrested alongside Mr Gambaryan in February but fled the country within weeks of the pair being put under house arrest – and is still wanted by the Nigerian authorities.

According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday as he was not able to appear because of illness.

The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him.

“We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” Reuters quotes EFCC lawyer Ekele Ihenacho as saying.

The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court.

Binance has also fallen foul of US laws. Last November its founder Changpeng Zhao resigned and in April was sentenced to four months in prison for allowing criminals to launder money on his platform.

Next of Kin of a deceased bank account holder is not automatic beneficiary – BoG

Dennis Adu — Wed, 23 Oct 2024 03:29:00 +0000

Did you know that if you are made the next of kin of a bank account by a friend or relative, you do not have automatic access to funds in the account should the account holder die?

Well, according to the Bank of Ghana (BoG), the next of kin is only a nominee of the account holder who serves as a primary contact in the event where the bank is unable to reach the account holder.

What this means is that the next-of-kin concept in banking operations is for the purpose of tracing the whereabouts of an account holder and not who inherits the account.

“This person should be close and know a lot about the account holder and that is why in practice, many people would use some of their close relatives, Mr. Augustine Amoako Donkor, Assistant Director, Financial Stability Department of BoG, has said.

He was speaking on the topic, “The Next-of-Kin Concept”, as part of a two-day media capacity building workshop for selected journalists in the Ashanti Region.

The workshop, which sought to deepen the understanding of participants in the operations of BoG and also build their capacity in financial reporting, was attended by 25 journalists.

Resource persons from the Central Bank took them through microeconomic analysis and significance of microeconomic indicators, monetary policy practice in Ghana, inflation dynamics in Ghana, developments in foreign exchange market, as well as interpretation of the Monetary Policy Committee Pack.

Mr. Donkor said a customer of a bank reserves the right to choose even a friend who knows much about him/her as the next of kin because the main purpose is to have someone who can provide information on why the account holder is not reachable.

Processes to retrieve funds in the account of a deceased customer, according to him, is entirely a different issue when it is established that the owner of the account has indeed died.

“To inherit or have access to the bank account of deceased person, one will have to be named in the deceased person’s will as a beneficiary of the account,” Mr. Donkor clarified.

He said the named beneficiary would have to go through a legal process for a court of competent jurisdiction to grant a probate which empowers the named beneficiary to obtain access to the deceased person’s account

Where the account holder dies intestate, interested persons would have to apply to be appointed as administrators of the estate of the deceased through the issuance of Letters of Administration by a court of competent jurisdiction to have access to the account of the deceased person, the BoG official said.

“In Ghana this concept of next-of-kin is not defined in our laws, so our discussion is based on what traditionally has been the practice and that is what is likely to continue until such time that as a country we include this in a particular law,” he said.

NLA commissions refurbished ultra-modern Brennan Hall

Joshua Tigo — Mon, 21 Oct 2024 11:51:55 +0000

For decades, the National Lottery Authority (NLA) has entertained, thrilled, and enriched fans, patrons, and viewers with its exciting Games and Draws.

From its first Draw, held on 29th September 1962, with a first prize sum of 5,000 pounds, to current draws where lucky players win sums of 200,000 cedis, the NLA has not stopped giving to its patrons.

At the core of this excitement is the room where these fortunes are made, and lives are transformed: the NLA’s Draw Studio, Brennan Hall.

Constructed about thirty years ago under the leadership of Colonel Martin Gbikpi, who served as Director-General of the then Department of National Lotteries (DNL) from 1993-2,001, the Brennan Hall is the nerve centre of the Authority’s business, where the numbers are drawn daily.

Following a desire to leave the NLA in a better state than he found it and give the NLA a state-of-the-art Draw Studio by the standards of the World Lottery Association (WLA), the Director General, Mr. Samuel Awuku, with the support of the NLA Governing Board, began the refurbishment of Brennan Hall.

The project was undertaken in two phases. The first phase, which covered remodelling the Draw Studio stage, was completed in June 2023 and commissioned in August 2023 with newly procured state-of-the-art draw machines.

The project’s second phase covered a complete overhaul of the Draw Studio, including furnishing, newly installed state-of-the-art equipment and fixtures, new washrooms, and total branding, transforming it into an ultra-modern Draw Studio.

The Brennan Hall was commissioned on Friday, October 18th, 2024, by the NLA Board Chairman, Mr. Gary Nimako Marfo, Esq. He was assisted by some Board Members, the Director-General of NLA, Mr. Samuel Awuku, the Deputy Director General, Ms. Anna Horma Miezah and the Group Chairman of KGL, Mr. Alex Dadey.

The NLA Board Chairman, Mr. Gary Nimako Marfo, Esq. commended the Group Chairman of KGL, Mr. Alex Dadey, for partnering with the NLA to execute this project, which is a testament to what Public-Private Partnerships can do. He also thanked Eloctroland Ghana for their support.

Applauding the NLA for a beautiful edifice, the Group Chairman of KGL, Mr. Alex Dadey commended the leadership of the Board Chairman, Mr. Marfo, and the Director General, Mr. Samuel Awuku, which he believes has provided the blueprint for this partnership. This allows KGL to give a huge chunk of its profit to the government for national development.

This is the first time the Brennan Hall has undergone a significant facelift since its establishment about three decades ago.

The Brennan Hall is named after the NLA’s first Director-General, Mr. William Francis Brennan, a Maltese National who was seconded to the DNL by the Maltese Government to help Ghana establish its lottery upon the request of Ghana’s first Prime Minister, Osagyefo Dr. Kwame Nkrumah.

Togo suspends Russian ride-hailing app Yango

Dennis Adu — Mon, 21 Oct 2024 05:09:47 +0000

Togo’s transport ministry suspended the ride-hailing app Yango owned by Russia’s tech giant Yandex, over security concerns just months after it began operating in the West African nation.

In a statement on Thursday, the ministry said that Yango began operating in June without authorization and in violation of the country’s procedures.

The ministry said the decision was taken over concerns for the safety of passengers, order and legal procedures.

“The activities of the operator YANGO are therefore suspended across the entire national territory,” the statement said.

Yango said the ride-hailing company operated independently from Yandex and was headquartered in Dubai. It said talks were underway with the government in Togo and that it was confident a solution would be reached to continue operations there.

National Service Authority Launch: Director-General calls for continued support from government

Joshua Tigo — Sun, 20 Oct 2024 10:05:36 +0000

Director-General of the National Service Authority (NSA) Mr. Osei Assibey Antwi has expressed gratitude to President Akufo-Addo and various stakeholders for their support in transforming the National Service Scheme (NSS) into any Authority

He highlighted several key initiatives, including the President’s role in increasing the service allowance and expanding the scheme’s reach to all regions of Ghana.

Mr Osei Assibey Antwi also praised the President’s involvement in innovative projects, such as the 20,000-acre Kumawu farmland which offers service personnel practical agricultural experience and promotes food security.

The Director-General emphasized the NSA’s expanded mandate, focusing on employability, professional development, and industry partnerships to create a skilled and adaptable workforce.

He sought additional support from the President, including procuring construction equipment and farm machinery, securing farmlands in each region, and increasing financial backing for the Authority’s transition and key programs.

Speaking at the official launch of the National Service Authority, he thanked stakeholders and called for continued collaboration to ensure the NSA’s success in serving Ghana’s youth and national development.

“You have been a champion of the National Service Scheme, now the National Service Authority. Your steadfast support has transformed the lives of countless young Ghanaians and strengthened the institution that we proudly celebrate today. Your Excellency has shown, time and again, that the welfare of the youth is dear to your heart. You increased the National Service Allowance from GHS 350 to GHS 559, and later to GHS 715, ensuring that the service personnel are adequately supported as they dedicate themselves to the service of our country. This increment has been a significant step toward empowering our youth and fostering a sense of dignity in their service. ii. Your vision to extend the operations of the Scheme across the entire nation, including the six newly created regions, speaks volumes of your commitment to institutional strengthening and ensuring the equitable distribution of resources. This expansion allows us to effectively harness the talents of our young people across the country, and fostering development in every corner of our beloved Ghana”, he stated.

He continued “A key example of your personal involvement and commitment to innovative projects within the Authority is the acquisition of a 20,000-acre farmland in Kumawu, which will provide Service Personnel with hands-on agricultural experience and promote food security. This project reflects your foresight in expanding the scope of national service, creating pathways for economic development, and supporting self-sufficiency. Your provision of sufficient logistics for the Authority, ensuring that we operate efficiently across the country is commendable”.

Friend of the Earth launches sustainable chocolate certification in Ghana

Dennis Adu — Thu, 17 Oct 2024 03:57:40 +0000

Friend of the Earth, the world’s leading sustainability certification for agriculture, has introduced its Sustainable Chocolate Certification in Ghana, the second-largest cocoa producer globally.

This initiative, in partnership with Ghanaian business development firm Fort Group, aims to promote sustainable cocoa farming and ethical chocolate production in the country, offering a new global standard that could elevate Ghana’s cocoa and chocolate industry.

Founded in 2016 by conservationist Paolo Bray, Friend of the Earth is a project under the World Sustainability Organization (WSO).

The organization has already certified over 5,000 farms and 50,000 farmers, representing more than 1.5 billion euros in sustainable agricultural production. WSO collaborates with 1,500 companies across 80 countries, certifying more than 5,000 products worldwide.

The Sustainable Chocolate Certification guarantees environmental protection, conservation of natural resources, and social responsibility throughout the cocoa production chain.

This certification comes at a time when Ghana, a critical player in the global cocoa market, has seen a surge in production, with a record output of 1,047,000 metric tons during the 2020/2021 crop year.

The initiative will allow Ghanaian chocolate producers to leverage the foremost international certification scheme for sustainable agriculture, developed in line with the Sustainability Assessment of Food and Agriculture Systems.

Certified companies are required to prioritize sustainable practices, minimize their environmental impact, ensure fair labor conditions, and promote the well-being of local communities.

By obtaining the Sustainable Chocolate Certification, Ghanaian chocolate brands can boost their competitiveness in the global market, appealing to consumers who value ethical and sustainable products.

Currently, Ghana is home to over 10 world-class chocolate brands, and this certification will enable producers to align with international sustainability standards, demonstrating a commitment to responsible cocoa farming and chocolate production.

The certification is expected to benefit not only certified brands but also the environment, local communities, and farmers’ livelihoods, fostering a more sustainable future for Ghana’s chocolate industry.

Chinese mining company to acquire Ghana’s Akyem gold mine from Newmont in $1 billion deal

Dennis Adu — Wed, 16 Oct 2024 02:29:55 +0000

China’s Zijin Mining Group is poised to acquire the Akyem gold mine project in Ghana from US-based Newmont Corporation in a $1 billion deal.

The transaction, which includes $900 million in cash upon closure and an additional $100 million subject to certain conditions, is expected to be finalized in the fourth quarter of 2024.

Through its subsidiary, Gold Source International, Zijin will take control of a Newmont subsidiary that owns the Akyem open-pit mine. As of December, Akyem held reserves of 34.6 tons of gold. Zijin has revealed plans to begin underground mining operations at the site by 2028, extending the mine’s lifespan to 2042 and boosting its annual output to 5.8 tons of gold.

Zijin also noted that several Ghanaian entities have shown interest in acquiring a minority stake in the mine, and the company remains open to exploring such transactions. In a statement, Zijin said the project has “significant potential” under current and projected future gold prices.

This acquisition aligns with Zijin’s aggressive expansion strategy, as it aims to increase its gold output from 68 tons in 2023 to 85 tons by 2025 and 110 tons by 2028.

Newmont’s commitment to Ghana

Despite divesting the Akyem project, Newmont emphasized its ongoing commitment to Ghana. Tom Palmer, President and CEO of Newmont, said the sale aligns with the company’s strategy of returning capital to shareholders while ensuring long-term benefits for the local community. He also highlighted Newmont’s continued investment in the country, including the Ahafo North project, where the company is set to invest up to $1.05bn.

“The successful completion of this transaction will strengthen our confidence in Ghana as a favourable mining jurisdiction,” Palmer added, underscoring Newmont’s plans to support the region’s growth.

‘Eyes In Dubai’ strengthens African presence with new Johannesburg branch

Dennis Adu — Tue, 15 Oct 2024 23:25:29 +0000

Eyes In Dubai, a leading travel agency renowned for connecting travellers to the luxurious and adventurous side of Dubai, has taken a significant step in its expansion efforts by opening a new office in South Africa.

The new office, located in Johannesburg, aims to cater to the growing demand for travel between South Africa and the United Arab Emirates.

Founded by an ambitious entrepreneur, Kojo Aikins with a vision to simplify and enhance travel experiences to Dubai, Eyes In Dubai has swiftly risen to prominence, becoming synonymous with excellence in travel planning and customer service.

The move to South Africa comes at a time when the demand for travel to Dubai is at an all-time high, driven by increased tourism, business travel, and the allure of the city’s vibrant lifestyle.

Speaking about this milestone, the founder of Eyes In Dubai expressed excitement about the new venture. “South Africa is a key market for us. With this new office, we aim to make Dubai even more accessible to African travellers. Our goal is to offer seamless travel experiences, combining luxury and convenience, whether for business or leisure.”

The Johannesburg office will serve as a hub for customers seeking tailored travel packages, visa assistance, and exclusive Dubai experiences, ranging from desert safaris to yacht cruises, business events, and more. The South African team has been trained to provide personalized services that reflect the high standards of the Eyes In Dubai brand.

With the African tourism market growing, this strategic expansion is expected to foster stronger connections between South Africa and Dubai, further cementing Eyes In Dubai’s reputation as a global travel brand. The agency plans to roll out promotional packages for early bookings, offering special deals to South African travellers for the Dubai Shopping Festival and Expo 2025.

About Eyes In Dubai

Eyes In Dubai is a premier travel agency offering bespoke travel experiences to Dubai and beyond. With a strong emphasis on customer satisfaction, the agency provides a range of services, including customized travel itineraries, visa processing, accommodation booking, and event planning for tourists and business travellers alike.

T-bills auction: Government records marginal oversubscription; but interest rates rise

Faridatu Seidu — Mon, 14 Oct 2024 11:26:58 +0000

The government recorded a marginal oversubscription of treasury bill sales after three weeks of failing to meet its target.

This is coming after the International Monetary Fund approved the third review of Ghana’s Economic Facility (ECF) Programme following the completion of the restructuring of Eurobonds.

The government recorded 1.08% more than the targeted amount of GH¢4.565 billion cedis.

All the bids tendered were also accepted.

About GH¢3.88 billion, representing 84% of the total bids came from the 91-day bill.

Approximately GH¢500.68 million cedis were tendered for the 182-day bill. For the 364-day bill, GH¢225.96 million cedis were received from the investors.

Meanwhile, interest rates shot up marginally on the yield curve.

The yield on the 91-day bill was up by 16 basis points to 25.61%. That of the 182-day bill also increased to 26.90%, from the previous week’s 26.80%.

The rate on the 364-day bill declined by 7.0 basis points to 28.58%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91-Day Bill	3.887bn	3.887bn
182 Day Bill	500.68m	500.68m
364 Day Bill	225.96m	225.96m

Total	4614.47bn
Target	4.565bn

Source: Joy Business

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NCA launches ECOWAS “Free Roaming Initiative” in Ghana, Benin, Togo

Gertrude Okyere — Thu, 10 Oct 2024 18:06:05 +0000

The National Communications Authority (NCA) has started implementing the ECOWAS “Free Roaming Initiative” to reduce the cost of telecommunication services for citizens travelling outside the country.

The agreement currently between Ghana, Benin and Togo, would allow citizens in those countries to make and receive calls, send SMS, and access the internet, at an affordable rate by Mobile Network Operators.

Mr Charles Acheampong, Deputy Minister of Communication, speaking at the launch in Accra, said the initiative would deepen the existing relationship among Ghana, Benin, and Togo.

He noted that the “Free Roaming” initiative would enable “affordable and seamless” communication across the three West African borders and allow citizens to stay connected “without the burden of high roaming charges or the inconvenience of [owning] multiple SIM cards.”

“By enabling affordable and seamless communication across our borders, we are not only enhancing the convenience of travel and business but also strengthening the social and economic fabric of our nations.

“…This initiative symbolises our dedication to advancing and strengthening regional integration within the ECOWAS community. It also reinforces the ECOWAS treaty’s ideals and demonstrates the effectiveness of collaboration,” he stated.

Beyond communication, he said the arrangement would have a rippling effect on cross-border trade, economic activities, and encourage more travels within the ECOWAS sub-region.

Mr Acheampong called for “stability and security” of telecommunication networks while the ECOWAS “Free Roaming Initiative” was being implemented.

“Cybersecurity threats are a reality in the digital age and it is incumbent upon us to implement robust measures to protect the privacy and data of our citizens.

“By working together, sharing best practices, and investing in technological advancements, we can create a secure and resilient regional communication ecosystem,” he said.

He commended implementing partners in Ghana, Benin and Togo, and urged other West African countries yet to implement the initiative to come on board.

The Deputy Minister tasked stakeholders to adopt measures, including conducting customer surveys and establishing “Billing Feedback Systems” to monitor the success of the initiative.

Dr Joe Anokye, Director General, NCA, said the Authority would monitor usage of the ECOWAS Free Roaming Initiative and gather feedback to inform future regulatory actions and decisions.

Praising collaboration between the three countries, he said NCA and Mobile Telecommunication Companies would take steps to inform the public about the initiative.

Mr Yaw Boamah Baafi, Vice Chair, ECOWAS Roaming Implementation Committee, Ghana, explained that that “Free Roaming Initiative” would last for 30 days or 300 minutes, as indicated in specific guidelines.

He said aspects of the arrangement would allow citizens outside their home countries to receive calls without charges, and that discussions were ongoing in other African countries towards implementation of the initiative.

Present at the launch were Mr Herve Guedegbe, Executive Secretary, ARCEP-Benin, Mr Michel Yaovi Galley, Director General of ARCEP-Togo, and representatives from telecommunication companies in Ghana, Benin and Togo, who shared their excitement about the initiative.

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